Bangalore, April 22 (PTI): Vijaya Bank today announced a net profit of Rs 411.31 crore for the financial year 2003-04, a growth of 109.23 per cent over Rs 196.56 crore reported in the previous fiscal.

The bank registered a total deposit growth of 23.47 per cent to touch Rs 21,015 crore last fiscal, while gross advances grew 38.50 per cent to touch Rs 11,335 crore, said Vijaya Bank chairman and managing director M. S. Kapur while announcing the annual results.

The bank registered a total business of Rs 32,350 crore in 2003-04, up 28.35 per cent from Rs 25,203 crore in the previous year.

Vijaya Bank’s return on average assets improved to 1.91 per cent from 1.13 per cent in 2002-03, while return on net worth improved to 40.90 per cent from 29.23 per cent in the previous financial year.

Kapur said the bank has declared a total dividend of 25 per cent to its shareholders, including an interim dividend of 10 per cent in December.

“The bank aims to achieve a total business of Rs 43,000 crore, which includes Rs 28,000 crore in deposits and Rs 15,000 crore in advances by March 2005,” Kapur said.